Bad taste? Nestlé’s prices tightest deal of the year at 12.5bp

Swiss food company Nestlé launched a Eu4.75bn 364 day rollover facility this week with a margin of 12.5bp, the tightest deal to emerge from Europe this year. The pricing on the deal, which is being co-ordinated by Citi, will grow to 37.5bp if it is fully draw down, although that is considered unlikely given that the loan is used as a commercial paper backstop.